Looking back on modern fast food stocks’ Q1 earnings, we examine this quarter’s best and worst performers, including Shake Shack (NYSE: SHAK) and its peers.

Modern fast food is a relatively newer category representing a middle ground between traditional fast food and sit-down restaurants. These establishments feature an expanded menu selection priced above traditional fast food options, often incorporating fresher and cleaner ingredients to serve customers prioritizing quality. These eateries are capitalizing on the perception that your drive-through burger and fries joint is detrimental to your health because of inferior ingredients.

The 6 modern fast food stocks we track reported a mixed Q1. As a group, revenues were in line with analysts’ consensus estimates.

While some modern fast food stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3.4% since the latest earnings results.

Weakest Q1: Shake Shack (NYSE: SHAK)

Started as a hot dog cart in New York City's Madison Square Park, Shake Shack (NYSE: SHAK) is a fast-food restaurant known for its burgers and milkshakes.

Shake Shack reported revenues of $366.7 million, up 14.3% year on year. This print fell short of analysts’ expectations by 1.4%. Overall, it was a softer quarter for the company with a significant miss of analysts’ EBITDA and EPS estimates.

The market seems disappointed with the results as the stock is down 41.5% since reporting and currently trades at $56.50.

Read our full report on Shake Shack here, it’s free.

Best Q1: CAVA (NYSE: CAVA)

Starting from a single Washington, D.C. location, CAVA (NYSE: CAVA) operates a fast-casual restaurant chain offering customizable Mediterranean-inspired dishes.

CAVA reported revenues of $438.3 million, up 32.1% year on year, outperforming analysts’ expectations by 4.7%. The business had an exceptional quarter with an impressive beat of analysts’ EBITDA and same-store sales estimates.

CAVA achieved the biggest analyst estimate beat and fastest revenue growth among its peers. The market seems happy with the results as the stock is up 7.6% since reporting. It currently trades at $84.03.

Is now the time to buy CAVA? Access our full analysis of the earnings results here, it’s free.

Wingstop (NASDAQ: WING)

The passion project of two chicken wing aficionados in Texas, Wingstop (NASDAQ: WING) is a popular fast-food chain known for its flavorful and crispy chicken wings offered in a variety of sauces and seasonings.

Wingstop reported revenues of $183.7 million, up 7.4% year on year, falling short of analysts’ expectations by 2.4%. It was a softer quarter as it posted a significant miss of analysts’ same-store sales and EBITDA estimates.

Wingstop delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 5.1% since the results and currently trades at $164.14.

Read our full analysis of Wingstop’s results here.

Chipotle (NYSE: CMG)

Born from a desire to offer quick meals with fresh, flavorful ingredients, Chipotle (NYSE: CMG) is a fast-food chain known for its healthy, Mexican-inspired cuisine and customizable dishes.

Chipotle reported revenues of $3.09 billion, up 7.4% year on year. This number topped analysts’ expectations by 0.5%. Overall, it was a strong quarter as it also logged a solid beat of analysts’ same-store sales and EBITDA estimates.

The stock is up 1.3% since reporting and currently trades at $33.41.

Read our full, actionable report on Chipotle here, it’s free.

Portillo's (NASDAQ: PTLO)

Begun as a Chicago hot dog stand in 1963, Portillo’s (NASDAQ: PTLO) is a casual restaurant chain that serves Chicago-style hot dogs and beef sandwiches as well as fries and shakes.

Portillo's reported revenues of $182.6 million, up 3.5% year on year. This result met analysts’ expectations. It was a strong quarter as it also produced a beat of analysts’ EPS estimates and a solid beat of analysts’ same-store sales estimates.

The stock is down 17.5% since reporting and currently trades at $4.72.

Read our full, actionable report on Portillo's here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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